American Manganese Inc (CVE:AMY) (OTCMKT:AMYZF) announced plans Monday to undergo a non-brokered private placement worth as much as C$2 million to fund the completion of its battery recycling pilot plant.
The company intends to offer units at a price of C$0.24 per unit, each of which will consist of a common share and a purchase warrant. The warrants will be exercisable at a price of C$0.30 per share for a period of two years, the company said.
The proceeds will be primarily used to finish the pilot plant, spin-out some gold/copper assets and rare earth mineral property, as well as for general working capital.
All securities issued as part of the offering will be subject to a hold for four months from the closing date, the company said.
American Manganese is focused on recovering key metals, such as nickel and cobalt, from scrap cathode material rejected by battery manufacturers in a ground-breaking process, then selling it back into the market.
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